A quarter of adults in the UK have less than £100 in savings as bills continue to surge, a survey says.
One in six people have no savings at all, according to Money and Pensions Service (MAPS) who spoke to 3,000 adults.
This means that millions of people in the UK are facing soaring bills with nothing to lean on.
With no financial safety net, more people are now likely to have borrow money in order to cover the rise in the cost of living.
But two in five people who use credit are already anxious about how much they owe, and over a third are worried about the number of different products they have, the survey shows,
As winter arrives, the cost of living crisis is becoming increasingly difficult as many households will be forced to choose between heating or eating.
With money a growing strain, MaPS has said it is more important than ever for people to have conversations about money.
It is running a week-long Talk Money campaign encouraging the public to share their financial worries and take free debt advice.
The service runs the Moneyhelper website which include a free debt advice locator.
But the survey revealed that 81 per cent of people avoid discussing their finances, with 21 per cent saying they do not want to be judged, 19 per cent fearing placing their burden on others, and 17 per cent citing shame or embarassment.
“Millions of people find it a challenge to save and this leaves them vulnerable when sudden expenditure items arise,” Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service, said.
“When you add in the anxiety that they feel with their credit commitments, the weight of that worry can quickly become overwhelming,”
“We want everyone to start the conversation with family or friends and share the burden of any money worries.
“By dealing with the problem head on, people can discover just how helpful free debt advice can be and see the importance of talking to their creditors early. They can also begin to find a way forward, no matter how difficult their situation might feel.”
